It is Brisbane’s Turn to Shine
Every year, Brisbane is forecasted for drastic growth, but property investors are not seeing the promised results. Is 2020 the year Brisbane will see steady growth? It is never easy to tell, but there are valid reasons to believe that 2020 is the year for Brisbane to shine.
More job opportunities
In the past decade, the economy struggled to create enough jobs to allow Brisbane grow, especially major events like GFC, Brisbane flood in 2011, and mining plunge in 2014, which were the main cause of the downturn. Along with this, there weren’t many major projects going on around Brisbane that created jobs to attract talent from overseas and interstate.
Things are about to change with various projects planned to be completed by 2025 like Cross River Rail, Queen’s Wharf, Brisbane Live, Brisbane Metro, Brisbane Airport’s New Lane, Millennium Square, and new bridges conveniently connecting Brisbane's riverside suburbs. These projects are well on the way to creating over 54,000 jobs to boost Queensland economy.
With such a record number of jobs created around Brisbane, the population is set to grow at the highest rate since 2014. As the population increases, the demand for housing increases as well. As a property investor, it is important to know where these jobs are created, because people moving to Brisbane will most likely want to live as close to their workplace as possible. Luckily enough, most of the major projects are saturated around Brisbane CBD, so if you have an investment property within 5km or even 10km from the city centre, you will benefit the most.
For the past two years, Brisbane has been doing well, but not to its fullest potential. CoreLogic predicts that we will see stronger demand for properties in Brisbane, which will lead to the 10 per cent value increase this year alone. When talking about property investment, it is important to consider auction results to understand the demand for properties, even if auctions are not as popular in Brisbane as in Sydney or Melbourne.
With more people moving to the Sunshine State capital from interstate, particularly from New South Wales or Victoria, auctions are becoming more common, which lead to auction's spike in popularity throughout 2019. On the ground level, many open homes are experiencing increasing attendance from people looking to buy. One of our agents Lance Russell has recently sold a property in Kedron with record 71 groups of people coming through at the very first open home in just under 30 minutes, which only serves as a proof to Brisbane’s growing demand.
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